Always a Wasp

Quote from: Heathen on August 22, 2022, 06:49:47 PM

I was curious to know what Christopher Holland's background is and found this from CT : https://www.coventrytelegraph.net/news/coventry-news/wasps-appoint-former-mod-man-13508226

Obviously well used to wearing a tin hat and a flak jacket

Yes quite an interesting back story if you have the means to look.

Unusual purchase for Lockwood holdings

Quote from: Rossm on August 22, 2022, 02:50:48 PM

As an aside, does SISU have any separate businesses linked directly to CCFC and if so, how many? I know nothing about business and even less about finance (ask the wife🤣), so I don't find the idea in general being a surprise (to me at least).

Otium operate the football club and is a subsidiary of Sky Blue Sports and Leisure. There is also SBITC (Sky Blues In The Community). I’m not aware of any others.

I think everyone expects that if the unicorn, I mean stadium, is ever built that there will be a propco set up to run it.

I think with Wasps, it was the training centre that surprised me, given statements Vaughan had made about Wasps owning all of it (and the timing of the share transfer) and also Commonwealth Convention Centre Ltd. That is a dormant (but still classed as active) company set up in 2020 and would sound to be, if operational, at odds with Wasps own conferencing operation.

I guess I don’t trust Sisu or multi millionaires particularly when they “owe” ordinary people money.

SBS and L is a shell company with £28m of “owed” but non recoverable funds.  Otium is the club and anyone buying the club only has to purchase Otium

Wasos has a bizarre number of companies including Candmago Holdings within the group and Maltese registered moonstone holdings as the parent company and MGI Fiduciary at the top of the chain

Telegraph 'Sport:     Headed Worcester Warriors:  Very small piece 'apologising'  -   The headline of our article about Worcester Warriors incorrectly stated they have received a winding-up order.  In fact.  as reported in this article, they have received a winding-up petition and the club have stated that a solution, which would  secure the long-term future of the club, has been approved.   We apologise  for the error in  our headline.  -  The motto of this sorry story is "Never listen  listen to Chinese whispers.  Or newspapers".

It’s hardly Chinese whispers. A winding up petition is when a creditor is requesting an order for non payment. The figure will be significant and the HMRC will have made requests for payment which have been refused

Worcester acknowledge the action is in progress and a court will judge if there is any hope of payment

What nearly always actually happens is the winding up petition leads to administration- this is likely to happen next week with the tax bill believed to be £6 million

This article is pretty eye watering. The sport got more Covid bail outs than any other

Worcester seem pretty certain to go into administration next week owing £14 m of public money.

https://texttospeech.uk/premier-league-clubs-get-124m-in-taxpayer-money/

Quote from: Bloke in North Dorset on August 17, 2022, 04:58:24 PM

That’s some hares you’ve just set running there, NWW. I don’t think wuss fans will be happy, Sudbury would be interesting but don’t see it.

The bottom lines are these.

Worcester long since came to the end of the line with regard to additional funds from their owners.

I do not know who 'owns' Sixways, but my guess is that it is mortgaged to the hilt. Thus, to buy the club, somebody has to buy the mortgage. My guess is, right now, if someone approached the mortgage holder with the right deal, that person could pull the rug from under the club and leave it with nowhere to play. The current owners would then be left with a relatively worthless brand and some expensive player contracts. It would all fold in a matter of minutes. The 'brand' would be worth as much as London Welsh is these days. Anybody care to remember that debacle?

Wasps are little better off. Whoever offers to clear the bond debts gets the CBS Arena, leaving Wasps as a debt ridden homeless club.

Leicester are also up for sale, also with large debts, but there I think the owner separately owns the stadium?

The fact is, nobody is stepping up to offer the money, and until the deal is sweet enough, nobody will. Wasps are at a real risk of losing their ground back to CCFC.

Times are hard, and will get harder, and the money men will not give a fig about fans.

The fact that Richardson has now sold all shares in the training ground on the day of the Bond Default is hardly a co-incidence despite the nonsense comment from Wasps when challenged on it

Thats asset protection before default risk.

Wasps RFC are on a sub lease to the Head Lease aren't they? I cannot believe he is not looking at ways of selling the Head Lease to another commercial entity - The council wouldn't object to assignment and for all parties it would be the best outcome

Quote from: Agosto blond snowpack on August 18, 2022, 02:30:23 PM

Wasps need to become more inclusive to CCFC not less

What would you suggest Wasps should be doing that they currently aren't to be more inclusive to CCFC?

Get the pitch ready for the start of the season would have been a help

Looks like Wasps are renting the training ground - no ownership at all. Wonder who paid to build it

https://www.bbc.co.uk/news/uk-england-coventry-warwickshire-62582325

Yes, the football club would have 15-20k coming in. But they will be taking the cash for that. The council would, in essence, just be collecting a rent and maybe a % of food etc. On the flip side they have to run the stadium with all the costs that brings. Add to that the fact that they don’t get on well with the football club and it’s not a palatable scenario for them. The football club certainly don’t want to own it and virtually said as much as recently as a couple of weeks ago. So CCFC’s best hope is that things carry on as they are.

Sorry this is just not correct

You seem confused with the Head Lease and ACL

ACL will not be owned by the Council. ACL will be in administration and run by administrators until a buyer is actually found.

The rent is paid to ACL

The council will have the lease returned to them and would obviously then seek to sell the Head Lease back to the new owner of ACL 2006 LTD.

You make too much of this. When wasps crash and burn the loan goes with it. It would then attract IEC type organisations or owners who want a potential Premier League Football Club

Wasps are a small company and cannot manage a stadium of this diveristy - it lacks expertise and finance - it would be better having someone with that experience now for all parties and the City of Cioventry